As an SMSF trustee, you’re responsible for every aspect of the fund and its performance, including:
- Ongoing compliance, administration and decision making.
- Staying up to date with SMSF legislation and regulatory requirements.
- Achieving an investment return sufficient to help your members meet their retirement goals.
Super legislation also sets out strict rules for carrying out your obligations as a trustee. As a trustee, you’re required to:
- Act honestly in all matters regarding the fund.
- Display a high degree of care, skill and diligence.
- Act in the best interests of all beneficiaries.
- Keep the money and assets of fund separate from other money and assets.
- Retain control over fund. Develop and successfully implement an investment strategy.
- Allow members access to necessary information.
- Behave appropriately and in a manner which does not hinder trustees from perform or utilising their functions or powers.